The Palatka daily news. (Palatka, Fla.) 1884-1888, 1887-05-07

ID. to buy IN 1881 viii urge him To hold
on In 1891.
The effect of such ownership is effectu-
ally, though indirectly, to give to our alb
sentee millionaire the benefit of the CAPT
tai, enterprise and toll of our own peo-
pie. But it may be said. there is
no loss to the State in his gain.
Let us see that the revenues of State
depends upon its wealth, and the more
it possesses the less should be each citi-
zen's taxes, etc. eight mills are wanted
to raise the required revenue for this
State: now, if you double the wealth of
the State, four mills would suffice. Ii
cannot be denied that every acre of land
subdued and cultivated adds To the reve-
nue. of the State in proportion To its inn
provemnt and tillage. a. well as to the
thrift, comfort, or luxury to the owner
or cultivator. Ii must follow, Therefore
that a policy which prevents settlement.
not only checks population. but dimin-
lshes, or rather prevents the accumula-
ton of wealth. and in like ratio in
creases, ultimately, the burden of gov
eminent To the actual occupier of the
soil
But. incomprehensible as the Disston
contract Is To many thoughtful citizens.
there may yet exist an explanation of it.
founded ON some motive of State policy
beyond the ken of the uninitiated.
1t may be that it had its origin in the
urgent necessity for extinguishing the
liens by which the railroad grants
We're hamperd in order To make the
State bounty available Immediately
to its recipients. But even this aspect
of the transaction furnishes no fiattering
view of its wisdom; for while discharging
the lien to make the donation available.
the value of the estate Is 50 impeached
and belittled as To render il compari-
lively worthless until time shall have
indicated its character from the effects
of the well meant, but indiscreet CON
duct of its friends; it being evident that
if 4 900 900 acres, constituting the cream
of the estate Is worth p cents only. and
four-fifths of that in deprecated paper
the financier viii very naturally ask.
when challenged for a loan. IF the
cream. the pick, is worth only so much.
what below that will the refuse COM
mandl"
But, it cannot lie suspected for mo
ment, that the trustees did assume the
responsibility of making such an inn
mense sacrifice for the benefit of the.
railroads; for, that would be, in effect
indirect aid. and. therefore, describing
this hypothesis we are still at sea in
searching for an adequate motion for
this remarkable contract. And yet,
such being its natural effect, whether
prudence been needed. the trIIs-
tees would never have ventured
| ON so responsible "a transaction
| without at least consulting the
Legislature. And in this connection
| it must De- borne in mind that shortly
| after the adjournment of the Legislature
| it was known over the far off corners of
the State that the transaction was in
contemplation, and hence Is suggested
the question whether the conception was
coevals with the sitting of the Legisla-
ture? A question which. if answered
affirmatively, adds not little RESPONSE
| bility of the officers concerned.
| Summarized the criticisms to which
| the transaction is fairly open are:
l. 1t involves indirect but virtual aids
to railroads at great sacrifice To the
State not contemplated by the Legisla-
| ture.
2. A responsibility was involved which
: y trustees should not have assumed
without Legislative approvaIs.
3. Whilst the professed price is TWEEN
ty-tive cents per acre. four-fifths of it il
payable in deprecated paper.
4. Ordinary business managers would
have saved 100000 To the State.
8. The value of the remainder of the
lands. over and above the 1000. 900 of
acres. Is so belittled ~ to render it worth
less as the basis of any fruitful system of
finance.
8. Cutting off 1000, 600 acres from set
Element is grim satire on the much
Wanted effort to promote immigration.
:. The development of wealth will be
hindered. and in that ratio the future re-
duction of taxation will be- prevented.
=. Finally, without necessity. there
was sacrificed an estate such as no other
member of the Union possessed. except
Texas. PCBLIUS.